ANZ MULTI-POLICY DISCOUNT TERMS AND CONDITIONS

Effective from 23 March 2022.

These are the terms and conditions for a multi-policy discount on policies provided by Vero Insurance New Zealand Limited ("Vero") and distributed through ANZ Bank New Zealand Limited (“ANZ”). In these terms and conditions “we”, “our” and “us” refer to Vero, and “you” refers to the insured named on the policy schedule.

You will be eligible to receive a multi-policy discount if you meet all the following (“Eligibility Criteria”):

• You have insurance cover for two or more Eligible Insured Assets with Vero which are co-branded ANZ; and
• The Eligible Insured Assets are:
  • Insured under the same policy; or
  • Insured under multiple policies and the policies have been linked by one or more of a matched Vero client number or a matched ANZ Customer Number;
• You have met the Minimum Premium as outlined below in section 10.

Where the Eligibility Criteria are met, the following assets are eligible to be considered for a multi-policy discount (“Eligible Insured Assets”):

• House
• Car (excluding vintage/classic cars which have conditions noted on the policy schedule)
• Contents
• The following boat risks:
  • Trailered powerboat
  • Trailered sailboat
  • Trailered jetboat
  • Jet-ski
  • Canoe/kayak/dinghy
  • Windsurfer

Any other assets, including the following assets and commercial policies, are not eligible to be considered for a multi-policy discount, even if the Eligibility Criteria are met (“non-Eligible Insured Assets”):

• Moored craft
• Motorcycles
• Trailers
• Caravans
• Lifestyle block extensions and Lifestyle block policies
• Vintage cars (which have vintage/classic car conditions noted on the policy schedule)
• Classic cars (which have vintage/classic car conditions noted on policy schedule)
• Lifestyle vehicles
• Campervans
• Site Cover
• Transit Cover

Where the Eligibility Criteria are met, the following conditions set out how the multi-policy discount is applied:

1. If you are insured with Vero through ANZ you are generally eligible for up to a 15% multi-policy discount.  Except for the portion of the company premium excluded under clauses 3 and 4 below, the discount is applied to the company premium and natural disaster premium for each of the Eligible Insured Assets.  The company and natural disaster premium will be displayed on your policy schedule and described as “premium”.
2. The multi-policy discount does not apply to fees, levies or GST which may be charged on the premium for the Eligible Insured Assets.  The multi-policy discount is applied to the premium before fees, levies or GST are added.
3. The multi-policy discount does not apply to premium charged for the Roadside Assistance Optional Benefit.
4. The multi-policy discount does not apply to premium charged for the Excess Free Windscreen and Window Glass Replacement Optional Benefit, or the Excess Free Windscreen and Window Glass Optional Benefit.
5. The multi-policy discount applies once the period of insurance for two or more Eligible Insured Assets overlaps.
6. The multi-policy discount applies to all Eligible Insured Assets from the time when the second Eligible Insured Asset is insured with Vero.
7. If you no longer have two or more Eligible Insured Assets, you will no longer be eligible for a multi-policy discount.  The multi-policy discount will be removed from the premium charged for the Eligible Insured Asset that remains insured with Vero at our discretion. The multi-policy discount may remain on the policy and only be removed at the next renewal for the remaining Eligible Insured Asset.
8. Where a policy for Eligible Insured Assets is changed mid-term because of a change in circumstance, such as a change in the insured address, and this results in a change in premium for the Eligible Insured Asset, the multi-policy discount will be applied to the policy change and subsequent premium change.
9. The two or more Eligible Insured Assets must all be insured as personal policies or as trust or business policies.  A multi-policy discount does not apply where:
   1. one Eligible Insured Asset is insured under a personal policy and the other is insured under a trust or business policy; or
   2. one Eligible Insured Asset is insured under a trust policy and another under a business policy.
10. Each Eligible Insured Asset has a minimum premium threshold (‘Minimum Premium’) which is the lowest premium that can be charged for the insurance cover for that asset.  The Minimum Premium changes depending on the type of asset insured and the type of cover selected.  Any discounts applied cannot reduce the premium for an Eligible Insured Asset to less than the Minimum Premium.  This means that the multi-policy discount may not be applied in full or at all in the following scenarios:
    1. Where the premium for an Eligible Insured Asset is already at or close to the Minimum Premium;
    2. Where other discounts applied to the Eligible Insured Asset, such as no claims discounts, staff discounts or other discretionary discounts, result in the premium for an Eligible Insured Asset reducing to the level of or close to the level of the Minimum Premium;
    3. In rare cases, where the premium for all Eligible Insured Assets is already at Minimum Premium, the multi-policy discount will not reduce the premium at all.

11. Vero reserves the right to remove a multi-policy discount where it discovers that you do not meet the Eligibility Criteria for the application of the multi-policy discount.  This includes where you have represented during the sales process that you have other Eligible Insured Assets.
12. Vero may alter these terms and conditions and the Eligibility Criteria which applies to multi-policy discounts, including whether a particular asset type is an Eligible Insured Asset, or the rate of discount applied.  This change will apply to any future renewal, except where Vero has already issued a renewal notice for the asset type.  Any changes may mean that you are no longer eligible for a multi-policy discount. Vero accepts no liability for any loss or damage related to any change in the terms and conditions which govern eligibility for a multi-policy discount.  This restriction does not apply to any rights you may have under consumer law.
13. Vero will take reasonable steps to ensure that a multi-policy discount is applied to policies covering Eligible Insured Assets.  However, you should ensure that we are advised about policies for other Eligible Insured Assets so that a multi-policy discount can be applied.  This may include contacting us to ensure that any Eligible Insured Assets are linked by Vero client number or by ANZ Customer Number.  If you do not see a reference to a multi-policy discount on the policy schedule for each of your Eligible Insured Assets and believe you are eligible for multi-policy discount, you should contact us to check that your Eligible Insured Assets have been linked and the multi-policy discount is applied (where the criteria are met).
14. Vero will not be liable for any loss, damage or liability as a result of you providing us with details of policies for Eligible Insured Assets which are incorrect.
15. The multi-policy discount cannot be transferred or redeemed for cash.
16. These Multi-Policy Discount Terms and Conditions are additional to your policy terms and conditions, Vero’s Quote and Buy Terms and the Terms of Use of the ANZ/Vero Online Quote and Buy Platform.  Where there is a conflict between these terms and the terms of your insurance policy, the terms of the policy will prevail.
17. Vero will collect, hold, use and share personal information about you in connection with the multi-policy discount in line with our standard privacy statement and subject to the Privacy Act.